Conveyancing:What If It All Goes "PeteTong"?
- AuthorPaul Hajek
Have you ever heard someone say I am out of pocket because my Conveyancing Solicitor made a mistake; it’s all gone wrong (Pete Tong in rhyming slang)
No. It’s just not something you hear; not even from the ubiquitous man down the pub.
The reason: Conveyancing Solicitors have a great reputation for trustworthiness and integrity.
Added to that, Conveyancing Solicitors in the UK hold the world’s most comprehensive Professional Indemnity Insurance scheme.
The scheme which is compulsory for all firms of Solicitors provides that each firm of Solicitors holds minimum level indemnity insurance.
So, when you instruct your Conveyancing Solicitor to act for you in your sale and purchase, you are protected up to the sum of 2 million pounds.
The Solicitors Regulation Authority (SRA) is the independent body which governs the professional conduct of Solicitors.
The SRA has one of the most stringent regulatory schemes out of all the professional organisations.
The ultimate sanction against a Conveyancing Solicitor is that he may be struck off and simply not able to practice
In Conveyancing transactions, Conveyancing Solicitors rely upon undertakings from fellow Conveyancing solicitors, for example, to pay off (or redeem as it is known) a mortgage on a property.
Conveyancing Solicitors facilitate the exchange of contracts where often there are many links in the chain.
The Banks and Building Societies are also able to instruct Conveyancing Solicitors to utilise safely mortgage funds on their behalf.
This is only possible with the certain knowledge that the funds will be used correctly. In the very rare case where the funds go astray, the Banks and Building societies know they monies will be recovered.
House moving is stressful at the best of times.
The comfort and peace of mind in knowing that you are fully protected if anything goes wrong is the greatest benefit in using a Conveyancing Solicitor to carry out the Conveyancing on your home.
A version of this post first appeared in Paul Hajek’s Conveyancing Blog at Yell.com